The Department of Finance (DOF) has directed the Bureau of Internal Revenue (BIR) to determine whether beverage manufacturers are paying the correct amount and type of tax as mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Law after uncovering possible discrepancies in their tax payments, which left a P10 billion shortfall in the excise tax collection target for the first 10 months of the year.
Read MorePresident Duterte’s economic team undertook prompt and decisive measures to rein in inflation in 2018, resulting in a marked slowdown that experts say could lead to the domestic economy picking up steam next year.
Read MoreMore than 1,000 entrepreneurs, mostly representing small and medium enterprises (SMEs), were consulted by the government on how the government can sustain the economy’s high growth and make it more inclusive, during the series of regional “Sulong Pilipinas” workshops held last month, the Department of Finance (DOF) said.
Read MoreThe Department of Finance (DOF) will “try its best” until the last minute to convince the Congress to impose new “sin” tax rates on tobacco products that will make cigarettes pricey enough to further discourage smoking, especially among teenagers.
Read MoreDAVAO CITY—Finance Secretary Carlos Dominguez III has said that spinning off the annual “Sulong Pilipinas” consultative conference into regional forums across the country underscores the importance given by the Duterte administration to the business sector in its pursuit of high and inclusive growth.
Read MoreCLARK FREEPORT—The Duterte administration has delivered on several key recommendations two years ago by the private sector to help the government supercharge the economy and fulfill its goal of inclusive growth, notably on improving the ease of doing business, implementing a national identification (ID) system and instituting tax reform, Finance Secretary Carlos Dominguez III said here Monday.
Read More‘Sulong Pilipinas,’ the annual consultative forum held by the Duterte administration with the private sector, will focus on tax reform and the ‘Build, Build, Build’ infrastructure program this year, with the last two legs to be held at the Clark Freeport Zone in Pampanga and in Davao City on Nov. 26 and 28, respectively.
Read MoreFinance Secretary Carlos Dominguez III said the government is now one big step closer to reforming the country’s tax system for the first time in over two decades–and providing a steady revenue stream to its ambitious infrastructure buildup–with the Senate’s approval of its version of the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN).
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